Narendra Modi's new cabinet will have Nirmala Sitharaman as the Finance Minister. She will also be the Minister for Corporate Affairs. Sitharaman was holding the defence portfolio in the earlier Government. Anurag Thakur is appointed as the Minister of State for Finance and Corporate Affairs. -Business Line
Bank of Baroda is planning to pool the common performing corporate assets and large NPA of erstwhile Dena Bank and Vijaya Bank into its corporate financial services branches and stressed asset branches, Shanti Lal Jain, Executive Director, BoB, said. -Business Line
Nirav Modi applied for bail in the UK High Court. The Crown Prosecution Service (CPS) said that the hearing for his bail petition will take place on June 11. -Business Line
The CBI told the Supreme Court today that it is ready to take over the investigation into the multi-crore bitcoin Ponzi scheme in which several investors were allegedly lured on the promise of handsome returns. -Business Line
India lost its spot as the fastest growing major economy to China, clocking a
disappointing 5.8% in the Jan-March quarter as a chill in domestic and global consumer demand hit manufacturers and service providers. The sub-6% growth of Q4 is the slowest in five years. The economy had grown 6.6% in the third quarter, 7.1% in second and 8.2% in the first quarter.
The Government today said joblessness in the country was 6.1% of total labour force during 2017-18, the highest in 45 years. The data released by the labour ministry on a day when new Cabinet took charge, showed 7.8% of all employable urban youth being jobless, while the percentage for the rural was 5.3%.
The fiscal deficit for 2018-19 came in at 3.39% of GDP, marginally lower than 3.4% estimated in the revised estimates of the Budget, mainly due to increase in non-tax revenue and lower expenditure. In absolute terms, fiscal deficit at the end of March 31, 2019, stood at Rs 6.45 lakh crore as against Rs 6.34 lakh crore in the revised estimates of Budget, as per data released by Controller General of Accounts (CGA). -Business Line
Paytm, the largest digital payments Co in India, said it was processing more than
400 million transactions every month. Paytm also claimed it was 5 times bigger than its closest competitor. It has seen threefold growth in the number of transactions over the last one year, Paytm told. -Economic Times